When people are in the process of applying for a home loan, sometimes they receive a barrage of unsolicited telemarketing calls. These calls are not mere coincidences. Some credit reporting agencies offer “Mortgage Trigger Leads” as part of the marketing products. Basically, they sell your personal information whenever your credit report is pulled.
What is a Mortgage Trigger Lead?
A trigger lead is simply your name and contact information being sold by credit bureaus to lending agencies. During the mortgage process, an inquiry is created to retrieve a copy of your credit report. Credit reporting agencies use this inquiry to generate mortgage trigger leads that contain personal contact information. Afterwards, these information is put up for sale on the market. Below are links from the 3 credit bureaus (Transunion, Equifax and Experian) with more information about this practice.
Usually, mortgage firms purchase mortgage trigger leads from the credit bureaus within 24 hours of being generated. These companies will use and abuse your information. In some cases, calling and mailing you dozens of times with irrelevant offers. You run the risk of becoming another victim in a cold-calling telemarketing scheme. This harassment can seem unavoidable and endless; however, there is a way to avoid this problem!
2 Steps to Avoid Becoming a Mortgage Trigger Lead
The Fair Credit Reporting Act, which is the law that allows credit bureaus to sell your personal information, also mandates that consumers have an option to opt-out. The website OptOutPrescreen.com provides consumers with the ability to opt-out temporarily and permanently.
Sign up and fill out an online request to be removed from their lists. Access OptOutPrescreen.com to complete this form. By simply doing this, your personal information will not be sold for 5 years.
Request a permanent termination of this practice. Put a stop to future cold calls and telemarketing from suspicious lending agencies. To complete this process, you will need to mail in a signed Permanent Opt-Out Election form. Find out more about the Permanent Opt-Out option.
The 3 bureaus information on mortgage trigger leads
Finally, below are links for each of the 3 credit bureaus about their trigger leads business:
- Transunion: Marketing Audience Segmentation
- Equifax: Mortgage Marketing Acquisition
- Experian: Prospect Triggers
Share this article and the website OptOutPrescreen.com with your family and friends, help them protect their privacy.